On Monday, Canaccord Genuity raised the Apple (NASDAQ: AAPL) price target from $570 to $600 and maintained a Buy rating. Michael Walkley, analyst at Canaccord, believes Apple could “gain market share” of high-end smartphone and tablet markets during the first half of 2014.

Walkley feels “Android OEM's have only added incremental improvements to their prior generation smartphones.” The Canaccord analyst is expecting "a strong upgrade cycle among Apple's loyal base” given a lack of innovation from competitors and upcoming iPhones and iPads which will have larger screen sizes.

Surveys indicated “certain carrier upgrade policies were more strictly enforced and adversely impacted the near-term uptake of the increasingly popular early upgrade or smartphone leasing type of plans,” according to the analyst. Walkley anticipates “stronger take-up rates...once current subscribers reach the end of their 24-month contracts."

Shares of Apple are flat on the day, last trading at $526.50. Walkley's new price target on Apple shares suggests potential upside of about 14 percent from where the stock is currently trading.